Les obligations convertibles dans le contexte de marché actuel
Les investisseurs peuvent avoir intérêt à intégrer des obligations convertibles dans leur portefeuille dans la mesure où elles bénéficient des performances du marché des actions tout en limitant la volatilité et le risque de baisse. Dans le contexte de marché actuel, nous pensons que ces instruments sont une proposition intéressante.
RecordedOct 8 201527 mins
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Amid a busy political agenda across Europe, high valuations and an historically-extended business cycle, we believe investors face an avalanche of information and noise but very little genuine advice on what is in their best interests.
On Monday 8th May, Salman Ahmed, Chief Investment Strategist, will host a webinar to discuss the implications of the final result of the French election and the wider geopolitical and macroeconomic landscape, focusing on European equities.
We believe there is real value on offer in Europe, but we also believe that deep uncertainty about the political environment and the global business cycle makes it sensible to invest, with high conviction, in the one thing that we think never really changes: what some call “quality”.
Joseph M. Foster, Lead Portfolio Manager of the LO Funds–World Gold Expertise
The world has changed – sustained low global growth, negative interest rates, potential US rate hikes and geopolitical risks are just some of the reasons why volatility has risen in financial markets.
Gold, the world’s oldest asset class, out of vogue for quite some time, has been a beneficiary of this uncertain environment. The price of gold has rallied strongly in recent months and, once again, the yellow metal is performing as a hedge against generalised financial uncertainty.
Maxime Perrin, Product Specialist and Senior Analyst – Convertible bonds
In turbulent times, convertible bonds can benefit from rising equity volatility as proven by their strong performance history at times of
rising interest rates. Over the next six months, we also believe the multiple sources of returns provided by high yield convertible bonds should continue to prove very attractive. Our High Yield Convertible Bond strategy can provide a solution for investors hunting for yield yet wanting substantially better credit quality than high yield indices.
During this webinar, Maxime Perrin, Senior Analyst and Product Specialist of Lombard Odier IM’s convertible bonds team, will deliver the portfolios’ quarterly review and discuss how high yield convertible bonds can provide diversification away from the usual high yield risk.
Dr. Gregor Gawron, Head of Insurance Linked Strategies
Insurance Linked Securities are an attractive asset class for investors in today’s market environment. In a portfolio of traditional assets these securities are regarded as good diversifiers. Lombard Odier IM has an experienced ILS team who has been investing in this area for more than 10 years. This expertise will be available mid-February 2016 through a UCITS vehicle investing in Catastrophe Bonds (CAT Bonds), one of the main types of ILS.
Nous pensons qu’une approche obligataire basée sur les fondamentaux des pays émergents peut générer des performances intéressantes dans l’environnement actuel.
Lors de cette webconférence, nous aborderons les points suivants :
Que penser de la trajectoire des marchés boursiers émergents ? Synthèse de nos vues macroéconomiques
Une gestion différente de la dette émergente s’impose – une approche basée sur l’analyse des fondamentaux peut faire la différence
We believe it’s time to reconsider your exposure to emerging markets. On this webinar we will discuss:
The impact of divergence in emerging markets
o Why recognising the increasing structural differentiation between each EM country and their different rates of real economic growth, inflation and budget balance dynamics is ever more important when investing in EM.
Opportunities for growth and yield?
o Emerging market fixed income offers an appealing yield-to maturity as interest rates in advanced economies are likely to remain low for longer in a world of global disinflation/deflation.
Impact of emerging market currencies have falling to multi year lows?
o Are there are opportunities appearing to benefit from this and should you be accessing EM in local or hard currency?
o Harnessing fundamentals to build fixed income portfolios in order to generate more efficient exposure to market beta in a world of lower liquidity, increased herding and central bank domination
Rapid commodity price declines are having as much of an impact on high grade credits as their high yield counterparts. With central banks anchoring interest rates close to zero, the yield advantage from investing in these credits remains significant. So too does the risk of rating agency downgrades.
At this webinar, we will focus on the crossover space between credit and high yield and ask – do the risks in crossover present a buying opportunity?
Apres une synthese de leurs vues vues macroéconomiques,
les gérants du LO Funds–Eurozone Small & Mid caps discuteront :
•Petites/moyennes caps vs grandes capitalisations
•Thèmes d’investissement et positions clés
•M&A et valorisations
LO Funds-Eurozone Small & Mid Caps investit dans des sociétés de petites et moyennes capitalisations appelées à devenir des leaders régionaux/ mondiaux. Nos gérants utilisent une approche différentiante en utilisant trois critères clés pour identifier ces sociétés.
Depuis son lancement en 2003, la performance nette annualisée du Fonds a atteint 12,4%¹, contre 10.3% pour le benchmark, le Stoxx ex UK Small Return ND Index Eur (voir le reporting mensuel)¹. Sur cinq ans, le Fonds a généré une performance nette de 62.8% contre 59.4% pour le benchmark.
Salman Ahmed (Global Strategist), Xavier Lagrandie and Michel Leblanc (Portfolio managers)
Away from the noise generated by China/EM related headlines, we believe the eurozone remains home to many well-run companies with excellent prospects. In particular, we see opportunity in the dynamic small and mid caps that we think have the potential to become future leaders. At this webinar we will discuss:
1. Eurozone review – summary of our top level macroeconomic views by Salman Ahmed, Global Strategist at Lombard Odier IM
2. Uncovering gems – assessing opportunity in eurozone small and mid caps by Xavier Lagrandie and Michel Leblanc, Portfolio Managers of LO Funds-Eurozone Small & Mid Caps